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Boris

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Posts posted by Boris

  1. Here's a story in the Houston Bus. Journal on this development:

    _________________________________________________

    Galveston luxury condos will take in Gulf view

    Houston Business Journal - October 27, 2006

    Galveston is getting another luxury condominium development. Construction is set tro begin in January 2007 on Regatta, a complex with four towers, 11 stories each being built by Global Royal Investments Ltd.

    The development will consist of 247 condominium suites overlooking the Gulf of Mexico. Positioned behind the seawall, it will be built 5 feet above sea level for maximum storm protection and constructed to withstand 155 mph winds.

    Regatta will have four condominiums per floor ranging from 1,595 to 2,087 square feet and two penthouses on the 11th floor of each tower that will be 3,578 to 3,746 square feet. Reservations for Tower III are available at pre-construction prices. The units average $289 per square foot. More than 67 percent of Tower III and 25 percent of Tower I at the Regatta is reserved, according to Global Royal Investments Ltd. principals Dr. Surendra Mahato and Ratan K. Jha.

    Mahato, based in Minsk, Belarus, is a medical doctor who oversees numerous international family businesses. Jha is a registered professional engineer, based in Houston.

    The development team includes architect Irvine Phillips, Shelmark Engineering, Sterling Engineering & Design Group and MEP-SEi Group, Prudential/Gary Greene Realtors, Douthit Design Group and M.J. Naschke Public Relations.

    http://www.bizjournals.com/houston/stories...2184400^1366661

  2. More square footage off the market in DT:

    Cheniere moving to Pennzoil Place

    By KATHERINE FESER

    Copyright 2006 Houston Chronicle

    Cheniere Energy signed a lease in Pennzoil Place that will double its downtown headquarters space two blocks from its current location. The Houston-based developer of liquefied natural gas terminals leased 102,206 square feet in one of the two trapezoidal towers at 711 Louisiana.

    http://www.chron.com/disp/story.mpl/business/4294202.html

    _______________________________

    Looks like demand is very strong and new towers are probable in the near future.

  3. Next in line: Condos with restaurant

    Thirteen new projects in two years bringing new residents to the area.

    By Shonda Novak, Claudia Grisales

    AMERICAN-STATESMAN STAFF

    Friday, October 27, 2006

    Another condominium project is headed for East Sixth Street, extending the wave of residential development in an area where warehouses and vacant industrial sites are being replaced by trendy lofts and shops.

    In the two years since the Pedernales Lofts opened in East Austin, a dozen more condominium or apartment projects, with more than 900 units total, have been started or announced, as developers take advantage of the area's lower land prices to meet the demand for near-downtown living.

    The newest will be Este, at 2235 E. Sixth St., with 67 condominiums and a restaurant on the ground floor.

    It's the fourth East Austin project for Perry Lorenz and Larry Warshaw, who started the trend with the Pedernales.

    Este, Spanish for east, will be next door. It will replace East End Lumber Co., which is going out of business after more than six decades.

    The units will range from $180,000 to $275,000, with at least half priced at less than $200,000, the developers say.

    Lorenz and Warshaw say Este could be the "tipping point" for dense residential development along East Sixth. The street "is already a vastly different place than it was just a few years ago," Warshaw said.

    ....................................

    Most Waterstreet Lofts units, going up at Cesar Chavez and Comal streets, are spoken for, and the ones that are left cost between $227,000 and $325,000.

    Interurban Development, which will build lofts at the Skyline on East Ninth Street, said 130 people have put down $1,000 deposits for units that will start in the low $200,000s.

    Brad Pauly of Pauly Presley Realty, which is marketing many of the new projects, said prices range from the low $120,000s to more than $400,000 for East End Flats, to be built on East 12th Street.

    http://www.statesman.com/business/content/.../27/27east.html

    Waterstreet Lofts: Most units in the development, going up at Cesar Chavez and Comal streets, have been taken; those remaining are priced from $227,000 to $325,000.

    image_4862169.jpg

    Robertson Hill Apartments: Rents haven't been set but are expected to range from $1,175 for a one-bedroom unit to $2,600 for a two-bedroom unit, according to the developer.

    image_4862200.jpg

    Sixth + Brushy: The project at Sixth and Brushy streets will include 18 residential units and six ground-floor retail spaces. Prices range from $170,000 to $399,000.

    image_4862202.jpg

    Este: The newest mixed-use development on East Sixth Street will include 67 condominiums and an eatery at street level. It's the fourth East Austin project for Perry Lorenz and Larry Warshaw, who built the Pedernales Lofts.

    image_4862203.jpg

    image_4862223.jpg

    Project, address Units

    1. Swede Hill Lofts 27

    East 14th St.

    2. Robertson Hill Apartments 290

    San Marcos between Ninth and 11th streets

    3. Skyline 118

    819 E. Ninth St.

    4. Sixth + Brushy 18

    Sixth and Brushy streets

    5. 1305 14

    1305 E. Sixth St.

    6. Waterstreet Lofts 22

    1601 E. Cesar Chavez

    7. Saltillo Lofts 38

    Fifth and Comal streets

    8. TwentyOne24 60

    2124 E. Sixth St.

    9. Villas on Sixth 160

    East Sixth and Robert Martinez streets (apartments)

    10. Este 67

    2235 E. Sixth St.

    11. Pedernales Lofts 105

    2401 E. Sixth St.

    12. East End Flats 27

    2931-33 E. 12th St.

    13. East Village Lofts 24-27

    East 11th and Lydia streets

  4. UT area condo project designed to offer a home-field advantage

    Developer targeting Longhorn fans who want a home of their own for games.

    By M.B. Taboada

    AMERICAN-STATESMAN STAFF

    image_4856940.jpg

    image_4856748.jpg

    Tuesday, October 24, 2006

    Developers plan a luxury condominium hotel near the University of Texas, targeting Longhorn fans who want a home away from home for game weekends.

    The Texas Gameday Center, at Dean Keeton and Red River streets, will include the renovation of an apartment complex into condominiums and the construction of a 136-unit building.

    The developer, Atlanta-based Gameday Centers Southeastern LLC, has similar projects in other college sports towns and plans two more in Texas, in College Station and Lubbock.

    http://www.statesman.com/business/content/.../25gameday.html

  5. Stables restaurant heads out to pasture

    Houston Business Journal - October 20, 2006by Jennifer Dawson

    The Stables Steak House at 7325 S. Main was sold to a investment partnership this week, marking the imminent end to a piece of Houston history. The sales price was not disclosed.

    The buyer, Eastbourne Main Greenbriar LP -- a partnership between Houston-based Wellington Development Co. and Williamsville, N.Y.-based Eastbourne Investments -- purchased the restaurant as part of a land assemblage effort, with plans to sell the tract to a developer in the future.

    The Stables was established in the early 1950s on S. Main at Greenbriar, near the Texas Medical Center.

    ............................................

    "That whole area of Main has a lot of history," Daugherty says. "That's really where the restaurants were when I was a kid growing up in Houston."

    The Stables will stay open through Christmas, giving patrons one last chance at what many call the best prime rib in town.

    Kathy Lord, who has lived in the Old Braeswood neighborhood by The Stables for 30 years, plans to eat there quite a bit before the restaurant closes. She says The Stables was probably in its prime when the old Shamrock Hotel was still located nearby. The famed hotel was torn down in 1987.

    "I think it's another sort of historical restaurant," says Lord, executive director of Trees for Houston.

    .......................................

    The Wellington/Eastbourne partnership purchased the restaurant from Mulvey and Prati on Oct. 17.

    Wellington principals Rocky Stevens and Chris Hotze realize that they purchased a piece of history.

    "It's a Houston landmark," Hotze says.

    Mulvey and Prati could not be reached for comment on the sale. A Stables employee describes both of them as being retired.

    While Stables fans may mourn the eatery's closing, the change in ownership marks a shift in real estate values near the ever-expanding Texas Medical Center.

    http://houston.bizjournals.com/houston/sto...1576000^1363781

  6. Up north in woods, more homes coming

    Woodforest will add houses amid trees, trails

    By NANCY SARNOFF

    Copyright 2006 Houston Chronicle

    The developer of Sienna Plantation, Silverlake and Fall Creek is planning a residential community just north of The Woodlands.

    The more than 2,500-acre project, called Woodforest, will have some 4,700 homes as well as commercial properties when fully developed, Johnson Development Corp. said.

    ........................................

    Like The Woodlands, it will have a wide range of housing in a heavily wooded surrounding with plenty of parks and nature trails.

    .....................................

    Located in southern Montgomery County, the project will surround the Woodforest Golf Club, a championship course designed by Steve Elkington that opened in 2001 east of Honea Egypt Road between FM 2854 and FM 1488. The development also will be accessible from the future Fish Creek thoroughfare, which will connect the area to Conroe to the north.

    Woodforest is 38 miles from the center of Houston, a fact that doesn't concern its developers.

    ..................................................

    Several creeks cross the property's rolling terrain. The land includes more than 500 acres within the 100-year flood plain that will be preserved in their natural state for recreational uses.

    The community will have walking trails, which is the No. 1 amenity of choice according to customer surveys, Goff said. Such trails give residents the ability "to reconnect with nature."

    A recreation center and "splash pad" for children will be another draw for buyers, said Virgil Yoakum, vice president and general manager of Woodforest. Yoakum recently joined Johnson Development after almost 30 years at The Woodlands Development Co.

    To serve another segment of the population, several hundred acres will likely be set aside for the development of townhomes, apartments and active-adult housing for retirees or those nearing retirement age.

    Homes in Woodforest, which will be served by the Montgomery and Conroe school districts, will range from the mid-$100,000s to more than $1 million.

    Builders will be selected next year, Goff said.

    The first section of lots will be ready for home construction by early 2008.

    http://www.chron.com/disp/story.mpl/business/4274748.html

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  7. Trammell Crow / TCC Lands Redevelopment Site in Galleria

    By Amy Wolff Sorter

    7510 Burgoyne Rd

    HOUSTON- La Scala Apartments at 7510 Burgoyne Road, a 142-unit class C multifamily property in the Galleria submarket, has been sold to Trammell Crow Co., which plans to raze and rebuild the five-acre site with a 380-unit complex. The redevelopment is set to get under way in first quarter 2007.

    ................................................

    Todd Stewart, senior vice president in Houston for CB Richard Ellis, tells GlobeSt.com that equivalent land prices in the area can range from $30 per sf to $50 per sf. TCC's redevelopment strategy is becoming common among developers wanting to take advantage of Houston's market fundamentals.

    "Land prices have been escalating over the past two years so developers are looking for infill sites with already existing buildings," says Stewart, who represented TCC's investment arm, Wentwood Capital Fund I LP. "That's what this deal was about."

    In anticipation of the sale, seller GC 127 Voss Holdings LLC of Tacoma, WA began emptying the asset prior to the closing. "The property right now isn't too far from empty and occupancy is very low," Stewart says.

    http://www.globest.com/news/762_762/houston/149876-1.html

    ___________________________

    I just hope this trend continues further west.

    Edit: The Voss Apartments located at 7510 Burgoyne Road.

    • Like 1
  8. California developer heads to Texas with Friendswood project

    Houston Business Journal - 10:31 AM CDT Thursdayby Allison WollamHouston Business Journal

    Eclipse Development Group is entering the Texas market with a 138 acre mixed-use development in Friendswood.

    The Falls at Friendswood, located at FM 528 and Nasa Parkway, will be the first pedestrian friendly mixed-use development in the Friendswood area. The project is slated to open in the fall of 2008.

    Irvine, Calif.-based Eclipse Development is planning 500,000 square feet of retail along with a boutique hotel, custom townhomes, condominiums and upscale apartments.

    The Falls at Friendswood will also include a four-acre lake and pocket parks featuring public art.

    The developer chose Friendswood as the location of its first project in Texas due to the high household income in the area. Within a three-mile radius of the project, the average household income is $79,477.

    http://houston.bizjournals.com/houston/sto...tml?jst=b_ln_hl

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